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Gold proponent Peter Schiff hit out at US President Donald Trumps support for cryptocurrency, calling Bitcoin a decentralized Ponzi scheme wrapped in the American flag.
He warned that pushing digital assets at home could erode trust in the dollar. Schiff said that, while some may cheer weaker paper money, it will be gold that wins when Bitcoin finally stumbles.
According To Schiff, encouraging domestic investment in Bitcoin and crypto undermines the US economy and speeds up the dollars collapse.
He argued that millions of Americans buying digital tokens wont prop up the worlds main reserve currency. Schiff believes real damage comes when retail investors swap dollars for speculative coins, tipping the scales against greenbacks in global markets.
By promoting domestic investment in Bitcoin and crypto, Trump is helping undermine the U.S. economy and speed up the dollars collapse. Bitcoiners may cheer, as most bought Bitcoin to profit from a dollar crash. But ironically, gold will be the winner as Bitcoin will crash too.
Peter Schiff (@PeterSchiff) July 18, 2025
Schiff described recent cryptocurrency bills as little more than a way to cloak Bitcoinnothing more than a decentralized Ponzi schemein the trappings of legitimacy.
He claimed insiders use new laws to drive prices up, then get out at higher levels. The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices. Its a legislative low point, he wrote on X.
Based on reports, Schiff sees stablecoin plans as a false promise for dollar dominance. He pointed out that a stablecoin backed by any fiat currency offers no real edge. That stability, he warned, will soon give way. He also pointed out tht dollar?backed coins are only as stable as the underlying money.
The main purpose of the “landmark” crypto bills is to cloak Bitcoinnothing more than a decentralized Ponzi schemein the trappings of legitimacy. The industry is using them to hype Bitcoin and other cryptos so insiders can cash out at higher prices. Its a legislative low point.
Peter Schiff (@PeterSchiff) July 18, 2025
Invoking Charles Mackays 1630s tale, Schiff compared the digital token craze to the Dutch tulip bubble. He quoted Mackay: They go mad in herds, and only recover their senses slowly, and one by one.
In that era, bulb prices soared before crashing overnight. Schiff said swapping tulips for Bitcoin makes the same point.
Schiff predicted that, even if Bitcoin supporters toast short?term dollar weakness, gold will be the real winner. He said that shaky digital schemes will collapse at some point, just as tulip contracts became worthless. When that happens, he expects gold prices to climb.
Featured image from Pexels, chart from TradingView